Equipment
Callaway announces huge all-stock merger deal with Topgolf
Callaway Golf has announced an all-stock merger agreement with TopGolf with the number of shares to be issued based upon an implied equity value of Topgolf of approximately $2 billion – including the 14% already owned by Callaway.
Callaway first invested in the golf entertainment company, Topgolf, back in 2006 entering an exclusive golf partnership agreement at all Topgolf venues.
On the new deal expected to be completed in early 2021, Chip Brewer, President and Chief Executive Officer of Callaway said that the all-stock merger between the two can create “an unrivaled golf and entertainment business”.
“Together, Callaway and Topgolf create an unrivaled golf and entertainment business. This combination unites proven leaders with a shared passion for delivering exceptional golf experiences for all from elite touring professionals to new and aspiring entrants to the game. We’ve long seen the value in Topgolf and we are confident that together, we can create a larger, higher growth, technology-enabled global golf and entertainment leader.”
Under the terms of the merger agreement, Callaway will issue approximately 90 million shares of its common stock to the shareholders of Topgolf, excluding Callaway, which currently holds approximately 14% of Topgolf’s outstanding shares. Upon completion of the merger, Callaway shareholders will own approximately 51.5%, and Topgolf shareholders (excluding Callaway) will own about 48.5% of the combined company on a fully diluted basis.
Topgolf’s revenue for 2019 was approximately $1.1 billion, and the company currently has 63 locations worldwide, including 58 in the U.S., and has more than 23 million customers. Find out all about Topgolf here.
Cameron Young’s WITB from his win at the 2025 Wyndham Championship. Cameron is a Titleist staff player but his bag is definitely filled with some unique clubs. Here are the clubs he used to secure his first PGA Tour win!
Driver: Titleist GT2 (9 degrees, A1 SureFit setting)
Shaft: Mitsubishi Tensei 1K Pro Orange 70 TX
3-wood: Titleist GT3 (15 degrees)
Shaft: Mitsubishi Tensei 1K White 80 TX
Hybrid: Titleist GT2 (21 degrees)
Shaft: Fujikura Ventus HB Black VeloCore+ 10 X
Irons: Titleist T200 (4), Titleist T100 (5), Titleist 631.CY Prototype (6-9)
Shafts: True Temper Dynamic Gold X7 (4-9)
Wedges: Titleist Vokey Design SM10 (48-10F, 52-12F, 56-14F @57), WedgeWorks (60-K* @62)
Shafts: True Temper Dynamic Gold X7
Putter: Scotty Cameron Phantom 9.5 Tour Prototype
Grips: Golf Pride Tour Velvet Cord
Ball: Titleist Pro V1x Prototype
- Peter Malnati what’s in the bag accurate as of the Wyndham Championship. More photos from the event here.
Driver: Titleist GT3 (10 degrees, C2 SureFit setting)
Shaft: Project X Denali Blue 60 TX
3-wood: Titleist GT3 (15 degrees, A1 SureFit setting)
Shaft: Fujikura Ventus TR Blue 7 X
7-wood: Titleist GT2 (21 degrees, D1 SureFit setting)
Shaft: Fujikura Ventus TR Blue 8 X
Irons: Titleist T150 (4, 5), Titleist T100 (6-9)
Shafts: True Temper AMT Tour White X100
Wedges: Titleist Vokey Design SM10 (48-10F @47, 52-12F, 56-08M @57, 60-04T @62)
Shafts: True Temper Dynamic Gold Tour Issue S400
Putter: Scotty Cameron Studio Style Fastback 1.5 Tour Prototype
Grips: Golf Pride Tour Velvet
Ball: Titleist Pro V1x Yellow
We’re proud to once again partner with 2nd Swing Golf to bring you GolfWRX Members Choice 2025! 2nd Swing has more than 150,000 new and pre-swung golf clubs available in six store locations and online. Check them out here.
What is the best driver in 2025? At GolfWRX, we take great pride in our online community and the cumulative knowledge and experience of our members. When it comes to the best driver of 2025, we want to know what our forum faithful think.
Since our founding in 2005, the bedrock of GolfWRX.com has been the community of passionate and knowledgeable golfers in our forums, and we put endless trust in the opinions of our GolfWRX members — the most knowledgeable community of golfers on the internet. No other group of golfers in the world tests golf clubs as frequently or as extensively, nor is armed with such in-depth information about the latest technology.
Below are the results of GolfWRX member voting for the 2025 best driver, along with the vote percentage for each club.
Best driver of 2025: The top 5
5. Callaway Elyte Triple Diamond: 6.02%
Callaway’s pitch: “For golfers looking for a fast, forgiving, yet workable driver, the Elyte Triple Diamond features a tour-inspired shape and is the preferred model by most Callaway tour players.”
You can read what other golfers are saying about the driver in the GolfWRX forums, and see our launch piece here. Shop the Callaway Elyte Triple Diamond here.
4. Ping G440 Max: 6.86%
Ping’s pitch: “The most forgiving G440 model, MAX has a hotter face to generate speed and distance, and a lighter overall system weight with a longer shaft (46″) for faster clubhead speed, higher launch and longer carries. The Free Hosel and Carbonfly Wrap crown save weight to create our lowest CG ever and increase forgiveness while contributing to a more muted, pleasing sound.”
You can read what other golfers are saying about the driver in the GolfWRX forums, and see our launch piece here. Shop the Ping G440 Max here.
3. Ping G440 LST: 9.53%
Ping’s pitch: “LST is an especially good fit for faster swings, offering less spin and more control with a penetrating trajectory. A hotter face, lighter overall system weight and longer shaft (46″) deliver more speed and distance while maintaining tight dispersion.”
@phizzy30: “Not a fan of Ping drivers in general, but 440 LST takes the cake. It’s super forgiving across the face for a low spin head, looks and sounds good and the ability to make it play neutral or slightly fade biased through the hosel settings is very appealing.”
You can read what other golfers are saying about the driver in the GolfWRX forums, and see our launch piece here. Shop the Ping G440 LST here.
2. Titleist GT3: 16.55%
Titleist’s pitch: “The GT3 Driver offers Titleist’s boldest combination of power and personalization through adjustable performance. Dial in the CG Track to your frequent contact location to make your biggest drives even bigger while taking total control over flight and shaping.”
@mrmikeac: “I’ve been Anti-Titleist for years and years and years (outside of Vokey, of course). With that being said, HOLY BEGEEZUS the GT3 driver is an absolute NUCLEAR MONSTER! This thing blew my G430 10K Max out of the water in every single category. Forgiveness is the biggest thing that stands out of me, the 3 model has always been one of the less forgiving models in the past but this GT3 can take bad shot after bad shot and still end up in the fairway, I think a ton of that has to do with the adjustability, it’s actually effective. Feel and sound is perfect, that solid crack is so addicting to hear and when you hit it out the screws this thing can absolutely bomb it. Titleist, I’m sorry for doubting you. You have converted me.”
You can read what other golfers are saying about the driver in the GolfWRX forums, and see our launch piece here. Shop the Titleist GT3 here.
1. Titleist GT2: 22.91%
Titleist’s pitch: “Delivering impressive distance from any impact point, the Titleist GT2 Driver extracts maximum performance through a forgiving design. Get the stability and added confidence of a high-MOI driver without sacrificing speed.”
@DTorres: “The Titleist GT2 has proven to be the best driver of the year. Packaged in a classic profile, GT2 perfectly balances performance and forgiveness while consistently being a high performer across all categories.”
You can read what other golfers are saying about the driver in the GolfWRX forums, and see our launch piece here. Shop the Titleist GT2 here.
Other drivers receiving >2% of the vote
| Driver | Vote percentage (%) |
|---|---|
| Cobra DS Adapt Max K | 4.85% |
| Ping G430 Max 10K | 3.85% |
| Callaway Elyte Triple Diamond | 3.68% |
| TaylorMade Qi35 | 3.51% |
| Callaway Elyte | 3.18% |
| Cobra DS Adapt X | 2.34% |
| Cobra DS Adapt LS | 2.17% |
| TaylorMade Qi35 LS | 2.17% |
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Peter Malnati WITB 2025 (August)
Peter Malnati what’s in the bag accurate as of the Wyndham Championship. More photos from the event here. Driver: Titleist...
Cameron Young’s winning WITB: 2025 Wyndham Championship
Driver: Titleist GT2 (9 degrees, A1 SureFit setting) Buy here. Shaft: Mitsubishi Tensei 1K Pro Orange 70 TX 3-wood: Titleist...
Camilo Villegas WITB 2025 (July)
Camilo Villegas WITB accurate as of the Wyndham Championship. Villegas was undecided on a 3-wood when we shot his bag. ...
WITB Time Machine: Brandt Snedeker’s winning WITB, 2018 Wyndham Championship
Brandt Snedeker fired a final-round 65 at the 2018 Wyndham Championship to outlast Webb Simpson and C.T. Pan. His 5-under...
Mike
Oct 30, 2020 at 3:11 pm
This is kind of hilarious. Other than them both being golf companies there really aren’t a lot of synergies here. Terrible move for Callaway to be honest. Watch for their stock price to sink like a rock even further.
They think there’s big growth in these TopTracer products to sell to driving ranges, when the reality is personal launch monitors have become so cheap that hardcore golfers don’t need top tracer. A team of two guys in South Africa just created a pretty decent phone app that is a launch monitor.
Topgolf’s are franchised, so at least they don’t have all of the carrying costs on their books but I think TopGolf will come back much slower than real golf–which is obviously booming.
Rascal
Oct 30, 2020 at 5:50 pm
You didn’t have to wait long, ELY tanked big time only a day after the announcement.
Find it, Cut it
Oct 28, 2020 at 5:29 pm
Fairly appropriate. TopGolf is a golf-approximation entertainment company.
And so is Callaway.
Edward Bardoe
Oct 28, 2020 at 9:44 am
I loved the picture Golf channel.com used to illustrate the story, a barefoot drunk swinging away. Should rename the company “not golf”. Mostly a real estate play.
Mark
Oct 28, 2020 at 7:42 am
I love the hyperbole viz. “…the company currently has 63 locations worldwide, including 58 in the U.S.”: barely a worldwide operation with 92% of your locations in one country.